MUMBAI:  A day after the U.S. Fed decided to maintain interest rates to near zero for a "considerable time" even after its bond-buying programme ends, a benchmark index of Indian equities markets provisionally closed 480.92 points or 1.81 percent up.

The markets made gains for the second day after two consecutive sessions of decline. The index had lost around 324 points Tuesday and fell by more than 250 points. The index had gained by 138 points or 0.52 percent .

All the sectoral indices made healthy gains. The rally was led by automobile, capital goods, banking, consumer durables, healthcare, oil and gas and metal stocks.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 26,573.89 points, closed trade at 27,112.21 points, up 480.92 points or 1.81 percent from the previous day's close at 26,631.29 points.

The Sensex touched a high of 27,132.20 points and a low of 26,503.08 points in intra-trade.

"There is a relief in the market after the outcome of the two-day U.S. Fed meeting, which did not result in any major announcements regarding downsizing of the stimulus plan," said Dipen Shah, head - private client group research, Kotak Securities.

ZyFin Research's chief economist Debopam Chaudhuri said that with the U.S. rate rise possibilities becomes a more distant reality, emerging economies including India can expect see a steady flow 'hot monies' for some more time.